Twetch is an ad-free decentralized, blockchain-based, social media platform where users can make money from content creation and own their data. Twetch operates on the Bitcoin SV (BSV) blockchain and aims to provide a decentralized alternative to traditional social media platforms by leveraging blockchain technology, allowing users to post, engage, and monetize their content using microtransactions in Bitcoin SV (BSV).
Twetch is built on the Bitcoin SV blockchain, which is a fork of the original Bitcoin blockchain. Bitcoin SV is designed to support larger block sizes, enabling more data to be stored on the blockchain. Users need a Bitcoin SV wallet to sign up on Twetch. This wallet is used for transactions and storing their earnings.
Upon setting up the Twetch account, users get a 12-word seed phrase associated with the unique wallet’s public key. The seed remains stored and encrypted in Twetch’s database. If a user wants to log-in, they have to decrypt the seed, provide their identity and gain access. Twetch operates in a decentralized manner, meaning that it is not controlled by a central authority. The blockchain ensures the integrity of the platform and prevents censorship.
Twetch uses microtransactions in Bitcoin SV for various actions on the platform. Users can earn and spend Bitcoin SV for various actions on the platform, such as liking, commenting, and sharing content. The social media platform pays content creators the equivalent in BSV of $0.05 per “like,” $0.03 per “branch” (share or quote) and $0.08 for tags. It lets viewers add substantially more than that in tips simply by typing “/pay” and the dollar value of the tip. Content creators can potentially earn Bitcoin SV directly from their followers or from the engagement their content receives.
Users can create and post content, including text, images, and links. Each post is stored on the Bitcoin SV blockchain, ensuring transparency and immutability. The blockchain provides a decentralized and transparent ledger, giving users more control over their data. Since the data is stored on the blockchain, users have increased ownership and can trace the history of their posts.
The platform aims to incentivize quality content by allowing users to earn Bitcoin SV through engagement. This creates a system where users who provide valuable content can be rewarded by their audience.
Twetch also offers to its users the so-called Twetch Chat, a fully encrypted messaging platform that allowing anyone to chat privately with other Twetch users; Twetch Chat also allows users to make payments via the chat function, being able to send small and large amounts of digital cash to their connections.
The Twetch Chat encryption feature uses Bitcoin (BSV), AES, and ECIES. To leverage the encryption feature, users need to have a cryptocurrency wallet, a one that connects to the BSV network. To keep the chats private, Twetch uses Bitcoin private keys. Thus, only the user, or those having permission, can access the chat. Users get complete ownership of their data while they can give permission to decrypt the messages by starting a conversation. They can also revoke permission by leaving a group chat. This will render them inaccessible and delete all their messages.
It's important to note that developments in blockchain-based platforms can happen rapidly, and the information provided here might have changed. For the latest and most accurate information, please check Twetch's official website or other reliable sources.